ST. LOUIS — Several shareholders are suing Southern Airways for breach of contract.
Ivan Shane Storz, Darlene Storz and S. Darnea Wood are residents of Missouri are were former shareholders of Multi-Aero Inc., which was sold to Southern Airways Corporation on March 31, 2022, under a Stock Acquisition Agreement, according to a complaint filed in U.S. District Court for the Eastern District of Missouri.
Multi-Aero Inc., operating as Airchoice One, no longer exists due to the forfeiture of its charter by the Missouri Secretary of State, according to the suit.
The plaintiffs claim, as per the Stock Acquisition Agreement, that Southern Airways Corporation was obligated to make specified payments and provide consideration in exchange for the plaintiffs' stock.
Additionally, a Mutual Resolution and Release were entered into on June 8, 2022.
The plaintiffs claim the defendant breached its agreements with the plaintiffs by failing to pay certain monies to them and by failing to perform other obligations laid out in the agreements.
The plaintiffs are seeking damages in the amount of no less than $800,000. They are represented by Donald E. Heck and Donald E. Heck II in Chesterfield.
U.S. District Court for the Eastern District of Missouri case number: 4:23-cv-01496